[Resolved]  Axis Bank Miles & More Credit Card — Hidden charges in Overseas transactions- Customers beware !

Address:

Bangalore, Karnataka

I had an issue this morning and would like to brief you on the same... I am going to seriously take up this issue and warn other Miles and More members on the hidden agenda of Axis Bank... I spent Rs.9889.52 on 19 november to by a ticket from Capetown to Johannesburg and got an SMS saying Rs.9889.52 was spent on your card... When I got the bill today, I was surprised to see that I have been billed 10431.04. I called the call centre and spoke to someone called Arif... this is what I was told when asked why I have been charged 5.5% extra : 1)Axis bank for all transactions which involve payment in other currencies, a 3.5% markup is charged... why then have I been sent an sms without the markup? why wasnt I even told about the markup in the first place? Is it mentioned any where in the agreement that a 3.5% markup would be charged for all transactions abroad? 2) it was still not adding up, I called again. he said, there is 12.36% tax on the markup - you are charging the markup, I havent asked u to markup, so u should absorb the 12.36% and not dump it on me -right? 3) still Rs.150 short, still not adding up, and he tells me, this is because your transaction happened on the 19th, and the merchant establishment claimed on the 22nd and the exchange rate has changed... now exchange rate happens on the day a transaction is done, not as and when you feel like claiming things... what if the establishment claimed his money after one month and the exchange rate has gone up by 50%, I would be debited for this? Does it also mean every time I go abroad or do a transaction with a foreign compny like a Hotel or travel agency and use my card, I would be charged a markup of 3.5% + 12.36% service tax + what ever extra you feel like charging? who will want to use this card abroad if 5.5- 6.5% extra hidden charges is being debited to the clients account? I think people should be made aware of this and I will ensure that miles and more are warned about this hidden agenda of Axis Bank ! For all those planningn to use your cards abroad, this is for your information...